(WASHINGTON, DC) - Crown Prince Muqrin bin Abdulaziz announced today that Saudi Arabia will provide Egypt with $4 billion in assistance during the Egypt Economic Development Conference (EEDC) in Sharm El-Sheikh. Crown Prince Muqrin is leading the Saudi delegation to the three-day investment summit on behalf of Custodian of the Two Holy Mosques King Salman bin Abdulaziz.

Crown Prince Muqrin noted that $2 billion will be deposited in Egypt’s Central Bank, while the remaining funds will be distributed as development aid through the Saudi Development Fund.

The Kingdom’s assistance is part of a $12.5 billion Gulf Cooperation Council (GCC) financial assistance package to Egypt announced at the EEDC.

During his remarks, Crown Prince Muqrin reiterated the Kingdom’s commitment to the development and stability of Egypt. He also pointed out that Saudi Arabia is the largest foreign investor in Egypt and that areas of growth for the two nations will continue to flourish. Crown Prince Muqrin denounced the terror acts in Egypt and cited Saudi Arabia’s firm commitment behind the government in the fight against terrorism and extremism.